P5-5 (Appendix 5A) Preparing the Statement of Cash Flows with Sale of Equipment (Indirect Method) LO5-2, 5-3, 5-5, 5-S1 The follawing information has been reported by Laporte inc. on its statements of financial position at December 31,2019 and 2020 and on its statement of earnings for the year ended December 31, 2020. Amounts are in millions of doliars: Additional information is as follows: a. Oid equipment was sold for cash during 2020. It had an original cost of $54 and an accumulated depreciation of $30. b. A new bulding was acquired during the year in exchange for a long-term note for $60, payable in five years. In addition, new equipment was purchased for cash. Required: Required: 1. Prepare the operating activities section of the statement of cash flows for Laporte Inc. for the year ended December 31,2020 by using the indirect method. (Negative answers should be indicated by a minus sign. Enter your answers in millons.) 2. Prepare the investing activities section of the statement of cash flows for Laporte inc. for the year ended December 31,2020. (Negative answers should be indicated by a minus sign. Enter your answers in millions.) 3. Compute each of the following for the year 2020: (a) quality of earnings ratio, (b) capital expenditures ratio, and (c) free cash flow. (Negative answers should be indicated by a minus sign. Round "Ratio" answers to 2 decimal places.) 4. Based on your answers to (4) and (2.) abowe, determine the net cash flow from financing activities. (Hant: This can be done without preparing the financing activitics scetion of the statement.) (Enter your answer in millions.) 5. The president of Laporte inc., Tanya Turcotte, was provided with a copy of the operating activities section of the statement of casi flaws that you prepared in (4), and made the following comment: "This report is supposed to show operating cash inflows and outflows during the year, but I don't see how much cash Laporte Inc. recelved from customers and how much it paid to trade suppliers and foe income taxes. Picase ask whoewer prepared this statement to provide me with these numbers." Based on Tampo's comment, compute Income taves. Please ask whoewer prepared this statement to prov the following amounts for 2020 . (Enter your answers in millions.)